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GBP Nears 2-Week High Versus NZD, as Milk Price Forecast to Fall

Market CommentaryGBP Nears 2-Week High Versus NZD, as Milk Price Forecast to Fall

Welcome to Pure FX's latest update of the pound to New Zealand dollar interbank exchange rate.

This tells you when it's a favourable time to exchange pounds to New Zealand dollars, for your money transfer!

Sterling jumps versus the kiwi!

The pound to New Zealand dollar interbank exchange rate has reached 1.9401 today, close to its highest since April 3rd, or close to 2 weeks.

Furthermore, looking ahead, sterling could climb further against the NZ dollar. Here are 5 reasons why:

  1. Prices of milk, New Zealand's biggest export, are forecast to fall at a global auction this Wednesday.

This may weaken the kiwi dollar, because if global milk prices fall, New Zealand makes less money from exporting its dairy.

  1. The USA, UK and France launched missile strikes against Syria at the weekend, in retaliation for Bashar al-Assad's chemical weapons attacks.

This could weigh on the NZ dollar, because these missile strikes elevate global political tensions, thus weighing on 'commodity currencies' like the kiwi.

  1. According to ANZ economists today, it's "becoming clear that we are entering a softer global growth environment".

This may drag down the New Zealand dollar, because New Zealand is an open, export-orientated economy, so vulnerable to softer global growth.

  1. New Zealand's inflation is forecast to have risen by just +0.9% in Q1, below the RBNZ's 1-3% target range.

This could hurt the kiwi dollar, because low inflation cuts the odds that the Reserve Bank of New Zealand will hike interest rates.

  1. The Bank of England is being heavily tipped to lift UK interest rates by +0.25% next month, up to 0.75%.

This may strengthen the pound, because higher interest rates tell us that the UK economy is now stronger and more resilient.

As a result, the pound to New Zealand dollar interbank exchange rate has neared this 2-week high, and may rise higher!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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